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MBA Sounds Warning on GOP Tax Plan, Says MSR Values Will Get Hammered. ‘Financial Soundness’ Impacted As Well

November 28, 2017
Paul Muolo
Deal makers that buy and sell MSR assets said the Senate tax language could transform the mortgage business, creating leverage for aggregators...
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Short Takes: Day 2, Mulvaney is Still in Charge / Waiting on Judge Kelly to Decide / Look for an Appeal / Raj Date Resurfaces, Sort of / Soros Fund Joins MBA

November 28, 2017
Paul Muolo and Thomas Ressler
Depending on the judge’s decision, the losing party will appeal…
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Judge Makes it Official: Mulvaney is the Acting Director of the CFPB; Will English Appeal?

November 28, 2017
Paul Muolo
Some legal observers believe if Trump had acted first and not hesitated in picking Mulvaney, English would never have been named by Cordray and this whole mini-crisis avoided.
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Wells Fargo has its Executives on a Short Leash

November 27, 2017
Paul Muolo
When Codel was let go he forfeited restricted stock options…
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New CFPB Acting Director Mulvaney Tells Staff He’s in Charge

November 27, 2017
Paul Muolo and Thomas Ressler
OMB Director Mick Mulvaney arrived on G Street Monday morning, carrying a brown shopping bag and declaring he was the acting director of the CFPB…
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Short Takes: Don’t Ask Us, Try OMB / English has OMB Roots / Radian Sells Clayton Unit / Subprime Standards Tighten / Guild Expands into North Dakota

November 27, 2017
Brandon Ivey, Paul Muolo, and Thomas Ressler
Guild Mortgage, San Diego, has expanded its presence in the Midwest...
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New (Acting) CFPB Director Mulvaney: We Will Run This Agency Differently Than the Previous Administration

November 27, 2017
Paul Muolo and Thomas Ressler
Meet the CFPB's new boss – he's nothing like the old boss...
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Two Acting Directors Named. Who’s in Charge at the CFPB?

November 26, 2017
Paul Muolo
The White House, though, expects English to show up for work Monday morning as deputy director – and not acting director.
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Early-Stage Delinquencies Increase in Third Quarter, Pushed Up by Hurricane Aftermath and a Number of Other Issues

November 22, 2017
The 30-day delinquency rate increased significantly as of the end of the third quarter of 2017, with hurricanes taking a toll on mortgage performance, among other factors.
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Prospect of FHA MIP Reduction Fades as MMIF Cap Ratio Drops

November 22, 2017
Any chance of a mortgage-insurance premium reduction in the near future has dimmed in the wake of an actuarial report placing the FHA insurance fund on shakier ground at the end of FY 2017. One clear thing from the report released on Nov. 15 was that FHA’s flagship single-family home mortgage program continued to grow stronger with an economic net worth of $38.4 billion in fiscal 2017. In contrast, problems persisted in the Home Equity Conversion Mortgage portfolio, driving the program’s economic value down by another $6 billion to negative $14.5 billion. The drag HECM losses inflicted on the MMIF has renewed calls to separate the ailing portfolio from the fund, which can only be accomplished by legislation. Right now, the reverse mortgage issue is not even on Congress’ legislative agenda. HECM losses also caused the fund’s economic net worth and capital reserve ratio to decline in fiscal year ...
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